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Rothesay Group appoints five new Board directors

20 April 2014

Rothesay Life was established in 2007 and has become one of the leading providers of regulated insurance solutions in the UK market for pensions de-risking. Following regulatory approval, the company today announces the appointment of Richard Berliand, Glenn Earle, Naguib Kheraj and Ray King as non-executive directors of Rothesay Life Limited and Rothesay Assurance Limited. Andrew Stoker, the Chief Financial Officer, has joined the holding company board as an executive director.

Keith Satchell, Chairman of Rothesay Life, commented:
“Rothesay Life is a risk management business which needs a board with the relevant balance and level of expertise to provide both a channel for discussion and appropriate challenge to management.

A strong board is key to maintaining the culture of the Group and with our shareholder representatives and Independent Non-Executives I believe we have assembled an outstanding team.  

To that end, I am delighted to welcome Richard Berliand, Glenn Earle, Naguib Kheraj, Ray King and our CFO Andrew Stoker to Rothesay Life as Directors and look forward to working with them to further the success of the business.”

New directors’ biographies

Executive director

Andrew Stoker is the Chief Financial Officer of Rothesay Life following his appointment in 2014. At Rothesay Life, Andrew has responsibility for the finance, risk and actuarial functions. Andrew was previously a partner in EY’s risk and actuarial practice and prior to that was Chief Actuary at Lucida plc. Andrew has also held roles at PwC, Tillinghast and Legal & General.

Non-executive directors

Richard Berliand is a member of the Supervisory Board of Deutsche Börse AG and its Eurex subsidiaries. Richard is also on the Board of Mako Europe, certain fund entities in the Renshaw Bay fund group and Chairman of ITRS Global Holdings. He is a member of the FCA Regulatory Decisions Committee and an advisor to the CFTC. He was previously with J.P.Morgan for 23 years, most recently as global head of the Cash Equities and Prime Services businesses.

Glenn Earle is a Non-Executive Director of Fiat Chrysler Automobiles NV, a Senior Adviser at Affiliated Managers Group and a Board Member and Trustee of the Royal National Theatre and Teach First. In 2011, Glenn retired as Managing Director and Chief Operating Officer of Goldman Sachs International, where he also co-chaired the firm’s global Capital and Commitments Committees. Glenn previously served as a Director of Rothesay Life from 2007 to 2011.

Naguib is a Senior Advisor to the Aga Khan Development Network and serves on the Boards of various entities within the Network. Naguib is also a Non-Executive Director of Standard Chartered and a member of the investment committee of Wellcome Trust. Naguib began his career at Salomon Brothers and went on to hold a number of senior positions at leading financial institutions. He served as Group Finance Director and Vice-Chairman and in various leadership positions at Barclays and was CEO of JP Morgan Cazenove.

Ray King is currently a Non-Executive Director and chairman of the audit and risk committees at Saga plc and of the audit committee at Infinis Energy plc He is also a reporting panel member at the CMA and a member of the FRC’s Audit and Assurance Council. Previously he was CEO and Group Finance Director of BUPA and earlier in his career held senior management roles at Parity Group plc, Diageo/Guinness plc, Southern Water plc and ICI plc. Ray qualified as a Chartered Accountant with PWC. Ray is chair of the Rothesay Life Audit Committee.

Contact details
Rothesay Life
Keith Satchell, Chairman 020 7770 5300

Temple Bar Advisory
Alex Child-Villiers or William Barker 020 7002 1080

About Rothesay Life

Rothesay Life was established in 2007 and has become one of the leading providers of regulated insurance solutions in the UK market for pensions de-risking, making payments of around £700m a year from over £16 billion of insurance contracts. In 2014, Rothesay Life received around £1.7 billion of bulk annuity premiums (2013: £1.6bn) and wrote seven deals over £100m, more than any other insurer in the sector. This strong growth has been achieved through the steady accumulation of pension scheme clients and significant strategic acquisitions.

Existing Rothesay Life clients include the pension schemes and members associated with such names as RSA, British Airways, Rank, Uniq, General Motors, the MNOPF (Merchant Navy Officers Pension Fund), InterContinental Hotels, Philips and GKN.

Rothesay Life is a secure long-term provider of pensions, focused on

  • a flexible and committed approach to execution;
  • ongoing risk management to maintain balance sheet strength; and
  • robust operational processes.

Rothesay Life is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.